Olzhas Sadykov

Prévia do material em texto

Bang College of Business
Department of Accounting and Finance
International Financial Management
Prepared by: 
Sadykov Olzhas ID: 20161616
Course Instructor:
Muhammad Arslan, Ph.D
Table of content	Comment by Anonymous: Good
Part 1: I. Development of Export Product…………………………………………………..2
1. Competitive Advantage…………………………………………………………2
2. Target Country………………………………………………………………….2
3. Marketing and Distribution……………………………………………………..3
4. Demand for the technology …………………………………………………….3
5. Product Inputs…………………………………………………………………..4
6. Marketing and Production expenses……………………………………………4
7. Import/Quotas for Imports to UK………………………………………………4
8. UK Trade Data……………………….……………………….………………...5
9. Import Controls……………………….……………………….………………..6
II. Role of Forex in Making Export Payments……………………….…………………….6
1. Selected Bank……………………….……………………….………………….6
2. Currency Spread……………………….……………………….……………….7
3. Futures and Forwards……………………….……………………….………….7
4. Importer Payments……………………….……………………….…………….8
III. Forecasting Foreign Currency Movements……………………….…………………….8
1. GBP/USD and KZT/GBP analysis……………………….……………………..8
2. Currency Interventions……………………….……………………….………...12
3. Regression Analysis……………………….……………………….…………...12
Part 2: I. Establishing Subsidiary……………………….……………………….………….14
1. FOREX Exposure……………………….……………………….……………...14
2. Capital Structure and Risks……………………….……………………….……15
II. Conclusion……………………….……………………….……………………….……17	Comment by Anonymous: References? 
Part 1: Development of Export Product 
Current situation with global pandemics and spreads of COVID-19 led to massive lockdown of people all around the world due to fear of this infectious disease. It has to be noted that virus is transmitted from air, which increases level of exposure to the infection. Moreover, many people around the world are self-isolated at their houses and limited in breathing fresh air. One would think that fresh air can easily enter from the windows or air circulation systems but ensuring 24-hour good quality and clean air remains quite challenging. Taking into consideration these circumstances it is suggested to develop Air Purifying System that is going to clean air from the different chemicals and bacteria, and toxic substances that might be hiding in the houses, office spaces and others. 	Comment by Anonymous: Good
Competitive Advantage
One of the primary competitive advantages of this product is its comparatively low-price levels, which is crucial in capturing middle- and low-income families that cannot afford expensive air filtering systems. Thus, this advantage allows exporting Air Purifying System to both developed and emerging economies depending on market demand analysis. Second primary advantage is related to product’s portability. In comparison with built-in air conditioning and filtering systems that are not energy-efficient and require more manpower for cleaning and changing parts. Moreover, single built-in air circulation systems were one of the primary factors that led to higher speed of virus spread. Third and most important aspect of the product is related to its high level of compliance with health safety and environmental regulations. 
Target Country 
As a target country, the United Kingdom of Britain was selected as most appropriate destination market. Indeed, Air Purifier market in the United Kingdom is expected to grow and be around 636 million USD by 2020. Moreover, it has to be noted that annually 29 000 premature deaths occur due to air pollution. Air pollution is the leading cause of respiratory diseases among British population. Taking into consideration high levels of air pollution in large cities such as London, it is evident that there is high demand for air purifying systems. Specific attention should be given to carbon-based air purifiers that are gaining popularity in recent years (Mathews, 2015). Indeed, Greater London is one of the major destinations of air purifiers that are used in offices and households due to high levels of pollution. 
According to report published by GrandViewResearch.com (2020), global market size for air purifiers was 8.04 billion USD, which yielded 10.8% CAGR increase. Within the industry, it is expected that The High Efficiency Particulate Air (HEPA) segment is going to be dominating in upcoming years. Air purifier market of the United Kingdom main three segments such as Commercial, Residential and Industrial as shown in Figure 1 below. It can be seen that commercial buildings were on top with the largest market share whereas Residential and Industrial segments shared almost identical market share. In spite of such market structure, it is expected that Residential segment’s CAGR is going to be growing by 12.2% (GrandViewResearch.com, 2020). Sales of air purifiers for the industrial buildings has been growing across Germany, Italy, UK and France suggesting good market opportunities to target United Kingdom as a primary destination for the export. The UK large cities have one of the most polluted air pollutions. Moreover, per capita disposable income levels are higher allowing to charge higher prices for the products exported to the UK. Including current pandemic situation, it is believed that demand for Air Purifying Systems will be high. 	Comment by Anonymous: Good	Comment by Anonymous: what is CAGR? abbreviate it first. 
Figure 1: Market structure of Air Purifier Industry of UK (GrandViewResearch.com,2020) 	Comment by Anonymous: Good
Marketing and Distribution 
It should be noted that Air Purifying system is an electronic device that should be marketed accordingly. Due to development of international logistics system that can transport goods more efficiently and with relatively cheaper prices, it is decided to use e-commerce and retailer distribution channels. Combination of two distribution models is important amid COVID-19 pandemic and limitations imposed by both Kazakhstan and the United Kingdom. Hence, retailing can be easily achievable since retail companies tend to have capacity for storing large quantities of the systems. Thus, these modes of distribution of the products will be more appropriate. 	Comment by Anonymous: good
Demand for the technology 
According to Office for National Statistics of the United Kingdom (2019), environmental protection expenditures accounted for 1.8% of total UK government spending. On the other hand, the U.K businesses have spent around 2.5 billion GBP for the environmental protection purposes. It is estimated that household spending on air quality control devices and systems has increased reaching 10% of total business spending on environmental protection. All these expenditure levels suggest that public and private sectors are both affected by air pollution issues. 
Worsening air quality in major parts of England serves as another indicator of the need in devices capable of cleaning the air. According to Woodger (2020), air purifiers can play an imperative role in maintaining uninfected people away from the virus. Hence, HEPA technology mentioned previously has capacity of filtering as small particles as 0.01 microns, which is an essential and key advantage of our product. 	Comment by Anonymous: Good
Product Inputs
It has to be noted that HEPA technologies is not an open-sourced patient meaning that Kazakhstan does not have such technologies so far, which means that this technology will be imported into Kazakhstan to save time required for the development of HEPA system in country. Moreover, it is expected that foreign inputs will have to be purchased from China, which will be cheaper. Materials such as cases for air purifiers battery and others will be acquired from the Chinese partners, hence, foreign labor input will be needed. As it is done by many global electronics brands allocated in Almaty, air purifier systems will be assembled in Kazakhstan with the correct packaging and labeling to be sent to the British market. Partnerships with British retailers will allow not hiring staff required for managing salesoperations. Nevertheless, foreign labor will be needed to establish and manage a warehouse leased to us. 	Comment by Anonymous: ???
Marketing and Production expenses
It should be noted that manufacturing air purifiers require capital as well as appropriate technology in order to make it financially viable. It is expected that apart from inputs such as labor and direct material costs, there might be miscellaneous operational expenses related to transportation and storage of purifiers in the United Kingdom. Furthermore, customs clearance fees, taxes and other fees might be incurred while transporting air purifiers to the target market. 
Import/Quotas for Imports to UK
Kazakhstan and the United Kingdom have been developing bilateral trades among the countries. It should be noted that the UK exports to Kazakhstan reached 2.9 billon GBP, whereas from Kazakhstan to the UK was 640 million GBP, which is relatively low (Gov.uk, 2017). 
As in any country, all goods and services imported to the United Kingdom are subject to Duty payments and VAT. Also, there is Contract, Insurance and Freight costs. VAT rate is equal to 20%. CIF is a popular method of calculating customs duty payables. Availability of VAT registration makes it easier for claiming VAT back by applying Certificate C79. 
Also, it has to be noted that there is also a licensing procedure in importing goods to the United Kingdom based on Import of Goods (Control) Order 1954 and Import/Export and Customs Powers (Defense) Act of 1939. Both acts serve as a permit for products with special purposes. 
As it was already mentioned international trade of the United Kingdom is based on aforementioned two acts that determine whether if the product will be allowed to enter the UK market or not (Gov.uk, 2020). Therefore, it is expected that air purifiers imported by the UK will go close check before entering the market. 
Another major Act that can have influence on our product is the Consumer Rights Act of 2015. This is a unified act that includes three different previous acts:
1. The Sale of Goods Act
2. Unfair Terms in Consumer Contracts Regulations	Comment by Anonymous: Good
3. Supply of Goods and Services Act. 
These three legal documents are main guiding principles in ensuring good quality of the products. 
UK Trade Data 
The United Kingdom is one of the largest economies of the world. According to Globaledge.msu.edu (n.d.) country holds 9th rank in exporter ranking and 4th place in importer rank out of 119. The latest data on international trade provides with the following numbers: 
1. Total Exports: 487 billion USD. 
2. Total Imports: 669.64 billion USD. 
3. Trade Balance: -182.57 billion USD. 
4. Percentage of the exports in GDP: 30.01%.
5. Percentage of the imports in GDP: 31.77%.
Table 1: Import and Exports of Electrical Machinery (Globaledge.msu.edu, n.d.)	Comment by Anonymous: Good
	HS Code
	
	Export ($)
	Export (%)
	Import ($)
	Import (%)
	8500
	Electrical Machinery
	$28,805,390,043
	5.91%
	$63,508,486,120
	9.48%
It is assumed that air purifiers as devices consuming electricity will fall under this category of goods traded. Table 1 shows that UK imports considerably more of electrical machinery that account for almost 9.5% of total imports whereas same category of goods account for 5.91% of the total exports. 
Import Controls
As it was mentioned previously, import controls are the tariffs that drive up costs per unit of the product being delivered. On the other hand, it should be also noted that VAT registration is an obligatory process for reclaiming VAT funds. In addition, licensing fees and receiving licenses is quite long and tedious processes due to aforementioned two acts that monitor all spheres of international trade of the United Kingdom.
Role of Forex in Making Export Payments
GBP/KZT spot rate is an important indicator for many reasons. First of all, GBP is included in world currency basket making it an international currency. Hence, spot rate prices can be used in making payments to main Chinese vendors. In other words, spot rates will be used in international payments for the required materials from China and for the companies offering operational services in the United Kingdom. 
Selected Bank
Setting up good export operations require having good payment system that will enable quick transfer of the funds with least commission. Also, it has to be noted that there is no commercial bank in Kazakhstan that could have exchanged GBP to USD directly. Thus, it will require transferring GBP received from UK to KZT and then buying USD. Nevertheless, GBP/USD rate can be also calculated for Bid and Ask offers. Therefore, the largest bank, Halyk Bank was selected due to easiness in transferring money to Chinese vendors via Union Pay system. 	Comment by Anonymous: Good
Exchange rates as follows:
GBP: Sell: 524.26 KZT/GBP; Buy: 551.14 KZT/GBP
USD: Sell: 431.99 KZT/USD; Buy: 438.01 KZT/USD
Rates are obtained from Halykbank.kz webpage. 
GBP/USD rate: Sell: 1.22 USD/GBP; Buy: 1.26 USD/GBP	Comment by Anonymous: dates of these rates? 
Currency Spread
Currency spread for GBP equals to 26.88 KZT
Currency spread for USD: 6.02 KZT
Currency spread for USD/GBP: 0.045 USD/GBP
Analysis of three currency spreads has shown that spread magnitude is high for KZT/GBP rate in comparison to USD/KZT rate. Also, it shows that USD/GBP rate was very low. Therefore, KZT/GBP rate is exposed to higher magnitude of fluctuations. 
Futures and Forwards
It has to be noted that Foreign Currency Futures contracts are quite popular. The following table provides with information about the specifications of the futures contract for GDB/USВ.
Table 2: GBP/USD Futures Contracts Specifications (cmegroup.com, 2020)	Comment by Anonymous: Good
As it can be seen from the specifications every contract is worth of 62 500 GBP. Contract is deliverable. Futures for GBP/USD are available on the monthly basis. GBP/USD futures will be used in hedging against sharp increases and decreases in the value of the GBP. 
Prevailing GBP/USD futures price is equal to 1.2276 USD per GBP for May 2020 contracts (cmegroup.com, 2020). Currency options are available for USD/GBP exchange rate. Currently, Futures of May 2020 are sold at premium since Spot rate is USD/GBP whereas Futures rate is 1.2276 USD/GBP. 
Importer Payments
It should be noted that importer of the air purifiers in UK will not be paying in KZT due to inefficiency of the system of buying KZT to pay for air purifiers. While paying for product in KZT there can be currency differences that will increase/decrease the value of the payment. Hence, it will not be a true value. Thus, importer is expected to pay in GBP that is a national currency that can be exchange both to USD and KZT. 	Comment by Anonymous: Good
Forecasting Foreign Currency Movements
GBP/USD and KZT/GBP analysis
In order to assess the degree of GBP appreciation or depreciation, it is necessary to look at historical exchange rates between GBP and USD. In following Figure 2 represented the last month exchange rate movement of GBP/USD:
Figure 2: Monthly trends of GBP/USD (Investing.com, 2020)
	Comment by Anonymous: Good
As it can be observed from the Figure 2 GBP/USD exchange rate has increased suggesting GBP appreciation against the USD. On March 23rd, 2020 GBP/USD rate was equal to 1.1646 currently, the rate has risen to 1.2286. This results in average month change rate of 5.50% of GBP appreciation over the American dollar. 
Next, Figure 3 represents information about three-month movements of GBP/USD. Three months ago, GBP/USD rate was equal to 1.3049 USD per GBP (January 21st, 2020), which was quite high. Taking into consideration current rate of 1.2285 as of April 21st, 2020, three-month average change was equal to -5.85% meaning that GBP was depreciating against the USD. 
Figure 3: GBP/USD rate for three-month period (Investing.com, 2020) 
One-year GBP/USD rate trends are shown in Figure 4, which demonstrates that the rate was equal to 1.2985 on April 22nd, 2019. 	Comment byAnonymous: Good
Figure 4: GBP/USD exchange rate for 1 year (Investing.com, 2020)
Hence, the results of the 1-year average change show -5.38% depreciation of GBP.
Five-year average analysis has been conducted in order to assess long-term exchange movement:
Figure 5: Five-year GBP/USD exchange rate (Investing.com, 2020)
According to the tendencies, it is clear the GBP was depreciating over the five-year period. On May 1st, 2015 rate was equal to 1.5291 USD per GBP. Looking at the analysis it can be concluded that GBP depreciated during five years and achieved -19.65% change in observed period. Amid recent global developments related to outbreak of COVID-19, volatility of GBP/USD might increase leading to further depreciation of GBP in upcoming years. 
Since home country remains to be Kazakhstan it is essential also to analyze the trends of GBP against KZT. Hence, it was decided to include currency exchange rates for 1 and 5 years respectively. 
Figure 6 represented down shows that value of KZT was depreciating against GBP. For instance, April 24th, 2019, GBP/KZT rate was equal to 490 KZT whereas currently it is traded at 535.36 KZT per GBP, which is 9.26% increase in the value of GBP or decrease in the value of KZT. 	Comment by Anonymous: Good
Figure 6: GBP/KZT exchange rate for 1 year (Investing.com, 2020) 
Figure 7: GBP/KZT exchange rate five-year performance (Investing.com, 2020)
On May 1st, 2015, GBP/KZT rate was equal to 285.35 KZT per GBP. Given current rate of 535.36 KZT per GBP, five-year price change is equal to 87.62%. Indeed, GBP did not appreciate that much according to GBP/USD rate. High levels of GBP/KZT are explained by the KZT devaluations. 
Thus, GBP analysis against currencies such as USD and KZT have provided with opposing trends. GBP is expected to depreciate against USD whereas it will appreciate against KZT. Therefore, export-oriented companies including ours will benefit from KZT depreciation from the exports whereas will incur some losses since the production depends on the import of materials from a foreign country. In this case it is China. 
Currency Interventions
Bank of England is a central bank of the United Kingdom and responsible for the monetary policy and monitoring financial stability. It has to be noted that Bank of England does not intervene forex markets to stabilize exchange rates. This can be considered both as a positive and negative impact. First of all, if GBP will be appreciating in near future, lack of intervention can benefit companies receiving payments in GBP. On the other hand, no intervention can also be dangerous during adverse depreciation of GBP as it occurred during the Brexit and in 1992. Hence, the magnitude of GBP depreciation and appreciation will determine whether if it is beneficial position or not. Currency interventions can be determined based on the analysis of magnitude of exchange rate fluctuations and focusing on the main indicators serving as a push factor. 
Regression Analysis
Linear multiple regression model was applied in order to identify the factors affecting GBP/KZT exchange rates. Table 3 below represents information about the findings of the regression analysis. As it can be seen from the Table, overall there were 62 observations included in the analysis, metadata covered the period of 2015-2020. It included several macroeconomic indicators shown on Table 4. Factors in the analysis included Change in GBP/KZT, Change in Interest Rate in KZ, Change in Interest rate of UK, GDP of Kazakhstan, GDP per capita trends, Change in Imports and Exports of KZ, and IFE rate.
Table 3: Regression Analysis results	Comment by Anonymous: Good
	Regression Statistics
	Multiple R
	0.755171385
	R Square
	0.570283821
	Adjusted R Square
	0.505421002
	Standard Error
	0.029980691
	Observations
	62
R-square explains the suitability of the selected equation in predicting GBP/KZT rate movement. As it can be seen from the Table 3, R-square is equal to 57%, which is more than 50%. Hence, it should be concluded that selected linear equation explains 57% of data variability. Standard error was equal to 2.99% that is considerably low proving appropriateness of the factors in predicting GBP/KZT rate. 
Table 4: ANNOVA Results
In addition, P-value statistics that Change in IR X1 has had 208% levels of probability. Considering that probability has 100% overall, it was decided to omit this value. Three variable such as GDP per capita (p=96.69%), Oil Prices changes ((p=86.3%) and Change in Export (p=74.19%) were found quite influential factors in comparison with others. Also, it can be stated that factors such as Change in Inflation (p=54%) and IFE (p=55.3%) had significant levels of the impact on GBP/KZT movements. 
Next, based on the regression analysis it is necessary to identify appropriate linear equation model by excluding factors that had least slope levels in relation to intercept. 
Hence, the following linear forecast model was developed 
GBP/KZT= (0.046+0.189*'X1+0.017*'X+(-0.051*X6)+0.083*'X8)
Hence, the following forecasted trends for upcoming four years were identified:
Figure 8: GBP/KZT forecasts for upcoming period
GBP/KZT rate forecasts show downward trend, which means that GBP is expected to depreciate if KZT will be stable. This trend will be true only under this assumption. 
Part 2: Establishing Subsidiary	Comment by Anonymous: Good
Establishing subsidiary is a long-term strategy that is going to be assessed against current economic, geopolitical and social situation. Hence, recent political developments such as Brexit, pandemics due to coronavirus have impacted the daily life and operations of many business due to closure of the EU market for British consumers. Establishing subsidiary can be very important strategic move with higher risks and large capital investments in order to launch business operations in UK. 
Exit strategy for MNC will be sale of the business after utilization of useful life of the business project.
FOREX Exposure 
Table 5 below summarizes information about expected GBP/KZT for upcoming four years is negative only under assumption that KZT will not be depreciating in upcoming four years:
Table 5: Forecasted GBP/KZT exchange rates
	Year
	GBP/KZT forecasted change
	Year 1
	 (0.025)
	Year 2
	 (0.016)
	Year 3
	 (0.015)
	Year 4
	 (0.013)
Hence, the results of the constructed forecasts indicate that GBP is going to depreciate against KZT (if KZT will be stable). Such changes certainly affect our business negatively, since exports cash inflows will be depreciated. Due to depreciation of GBP, future cash flows will be affected by as
Table 6: Future Cash Flows and FOREX Impact
	 	Comment by Anonymous: Good
	Current Year
	Year 1
	Year 2
	Year 3
	Year 4
	Cash Flows
	 (400,000.00)
	 (78,000.00)
	 180,000.00 
	 216,000.00 
	 259,200.00 
	 
	 
	 
	 
	 
	 
	Forecasted GBP/KZT change
	0
	-0.02481
	-0.01623
	-0.01463
	-0.01281
	 
	 
	 
	 
	 
	 
	GBP/KZT rate
	 505.98 
	 493.42 
	 485.42 
	 478.31 
	 472.19 
	 
	 
	 
	 
	 
	 
	Cash Flow Differences
	 
	 (76,064.46)
	 177,078.49 
	 212,839.77 
	 255,880.71 
	 
	 
	 
	 
	 
	 
	Loss in GBP
	 
	 1,935.54 
	 (2,921.51)
	 (3,160.23)
	 (3,319.29)
Given preliminary analysis of cash flows show that cost of the investment will be 400 000 GBP that will not be affected by GBP/KZT assuming that investment will be based on average monthly GBP/KZT rate was 505.98 KZT per GBP. Hence, it is clear that such movement will lead to loss of Cash flow values. Loss in GBP provides with the approximate estimates of Losses if the forecasts are objective and KZT will be stable. Thus, analysis shows that observed GBP/KZT trends can decrease profitability of the project by 7 465.49 GBP showing that exposureto exchange risk is very high if GBP will be depreciated. 
Analysis provides with an example of how international business can be affected by the transaction risk due to foreign currency exchange rate changes. Also, GBP depreciation might be related to economic performance of Kazakhstan since KZT is also exposed to commodity price shocks and lowering levels of import, inflation changes and other (refer to Regression analysis results). 	Comment by Anonymous: You didn't mention transaction, economic and translation exposures. 
Capital Structure and Risks
In calculating appropriate WACC levels, it is necessary to determine the capital structure that is crucial and comprises of debt and equity. Taking into consideration high level of capital investments associated with opening subsidiary in United Kingdom, it is proposed to apply 35% equity and 65% debt financing, which will provide with tax shield for the new project. Equity financing is riskier when a project is a brand new and involves international operations. Therefore, raising equity capital is challenging for the company. 
Brexit remains one of the main geopolitical events that affected business and consumer spending in the UK. Moreover, another strong influential factor remains to be COVID-19 pandemic that paralyzed entire economies. 
WACC calculation 
We-35%
Wd-65%
Country risk premium-0.91%
Corporate Tax – 19%
Risk-free rate based on 10-year government bond- 0.3%
Assumed Beta-1
WACC= We*Re+Wd*Rd*(1-T) 
CAPM model: E(R)= Rf+Beta*Country Risk premium
Hence, E(r)= 1.21%, Rd= 11.28%
Therefore, WACC = 6.36%
Based on the calculations NPV and IRR 
NPV= 61 829.57
IRR = 10.95%
	The project is viable, because we can see positive NPV, which is equals to 61 829.57 and IRR, which is not less that required rate of returns. Hence, summarizing everything, that was written before, Air Purifying System will be demanded in UK and bring positive returns from the business for a lot period of time.	Comment by Anonymous: It would be better if you add a separate conclusion section. 
References	Comment by Anonymous: Good. 
CME group. (2020). British Pound Futures Contract Specs. Retrieved from: 
 https://www.cmegroup.com/trading/fx/g10/british-pound_contract_specifications.html
CME group. (2020). British Pound Futures Quotes
Globex. Retrieved from: https://www.cmegroup.com/trading/fx/g10/british-pound_quotes_globex.html
Garnier, M., & Department for International Trade. (2017, December 11). UK and 
Kazakhstan strengthen trade ties. Gov.uk. Retrieved from: https://www.gov.uk/government/speeches/uk-and-kazakhstan-strengthen-trade-ties
Grand View Research. (2020). Air Purifier Market Size & Share, Industry Analysis Report, 
2027. Retrieved from: https://www.grandviewresearch.com/industry-analysis/air-purifier-market
Global Edge. (2020). United Kingdom: Trade Statistics. Retrieved from: 
https://globaledge.msu.edu/countries/united-kingdom/tradestats
Gov.uk. (2017, May 11). UK Trade Tariff: import prohibitions and restrictions. Retrieved 
from: https://www.gov.uk/government/publications/uk-trade-tariff-import-prohibitions-and-restrictions/uk-trade-tariff-import-prohibitions-and-restrictions
Gov.uk. (n.d.). Import goods from outside the EU: step by step. Retrieved from: 
https://www.gov.uk/import-goods-outside-eu
Ken, M. (2020). United Kingdom Air Purifiers Market to Cross USD636 million by 2020. 
Press Release. Retrieved from: https://www.techsciresearch.com/news/372-united-kingdom-air-purifiers-market-to-cross-usd636-million-by-2020.html
Mackenzie, K., & Whatley, E. (2019, May 2). Environmental protection expenditure, UK: 
2017. Office for National Statistics. Retrieved from: https://www.ons.gov.uk/economy/environmentalaccounts/bulletins/environmentalprotectionexpenditureuk/2017
Woodger, C. (2020, March 26). Coronavirus: can an air purifier protect you. Which. 
Retrieved from: https://www.which.co.uk/news/2020/03/coronavirus-can-an-air-purifier-protect-you/
Which. (n.d.). Consumer Rights Act 2015. Consumer Rights. Retrieved from: 
https://www.which.co.uk/consumer-rights/regulation/consumer-rights-act
Simply Duty. (n.d.). Calculate UK Import Duty and Taxes. Retrieved from: https://www.simplyduty.com/calculate-uk-import-duty-taxes/
	
GBP/KZT Forecast
Historical Forecast	-8.6942901296379743E-3	-2	.5775772967950139E-2	-2.8521833519577433E-2	-1.7462859535278583E-2	-2.139661605280696E-2	-1.4280350413400394E-2	-1.7880658817936192E-2	0.17189411224265216	4.0650353361878833E-2	7.2193798756173405E-3	-2.9314009690192641E-2	-5.7727473222723841E-3	-2.5103835027777792E-2	-2.7561995326388894E-2	-5.7160241392639352E-2	-5.8592135956182692E-2	-5.5558422561604759E-2	-3.616492431856419E-2	-3.2324417063035474E-2	-3.5094677937881902E-2	-3.805803212699093E-2	-2.1042412475518267E-2	-3.0711506643046164E-2	-1.8279602462379724E-2	-3.9277317070013695E-2	-3.4130313620069963E-2	-2.8423269913923861E-2	-3.5737464982262379E-2	-3.2834735242416847E-2	-2.2945440143439438E-2	-3.1145309052200955E-2	-2.5940840632616438E-2	-2.4008345514553997E-2	-2.5215906996536808E-2	-3.6553456532003446E-2	-1.2079419689826454E-2	-3.5072	894335276258E-2	-3.4387863167170497E-2	-2.6593773541905168E-2	-2.6004277190132589E-2	-2.802016894615602E-2	-2.3226749692043691E-2	-2.2696605092226485E-2	-2.799023939018129E-2	-1.2472819480687077E-2	-2.1349050251970959E-2	-2.1707625804420587E-2	-1.1279203015936351E-2	-2.2320798678837767E-2	-3.2276163958205401E-2	-3.8055286275352811E-2	-2.718911312548402E-2	-1.7605220737793428E-2	-3.0840132144198285E-2	-1.9289425152371711E-2	-1.2765614510602305E-2	-2.8282857406809352E-2	-1.2360925221228211E-2	-2.9002193096244862E-2	-1.3541914522174389E-2	3.2280175930840482E-2	-2.4532465483375274E-2	Future Forecast	-2.6342507637299707E-2	-2.6274095654341086E-2	-2.6751386467367654E-2	-2.7351618785647673E-2	-2.761909877658323E-2	-2.8021283525987775E-2	-2.8198697302538794E-2	-2.8487608392305977E-2	-2.2355952422115542E-2	-1.9952690623316643E-2	-1.8425878029338087E-2	-1.7993909213386859E-2	-1.6754602167869059E-2	-1.6070202931936554E-2	-1.5438089920703751E-2	-1.578516534842013E-2	-1.6269285148777443E-2	-1.6749875530950663E-2	-1.6667438705989607E-2	-1.648050446662544E-2	-1.6400107326076122E-2	-1.6444347275621843E-2	-1.5949915300552599E-2	-1.5758125060736143E-2	-1.5156628050537434E-2	-1.52309827229666E-2	-1.5174203136431405E-2	-1.4950591231514744E-2	-1.4981117365892797E-2	-1.4948349003336053E-2	-1.4607092130500654E-2	-1.4534026450206308E-2	-1.4306341340464983E-2	-1.4016658965574448E-2	-1.3764548614815297E-2	-1.389765426171358	4E-2	-1.324718891695336E-2	-1.3330076772368929E-2	-1.3429753332098032E-2	-1.3305480745055262E-2	-1.3174123567053601E-2	-1.3122664795188657E-2	-1.2929207786256863E-2	-1.2721356935554894E-2	-1.2694752506429541E-2	-1.2165475434682785E-2	-1.1902111196109955E-2	-1.164846093041004E-2	
Spring 2020
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Spring 2020